What to Buy Outside of Tech, Mark Newton Explains

The long-favored tech trade has faltered to start the year, with the Nasdaq Composite entering correction territory this week. There’s still other investable areas of the market if investors are iffy about tech, Fundstrat Head of Technical Strategy Mark Newton said.

“If you’re growing impatient about tech stocks bottoming, there are plenty of things that are working well. It’s just not Nvidia,” Newton said on Yahoo Finance’s Market Domination.

Newton recommended precious metals, such as gold, which hit fresh all-time highs Thursday. He also likes China, Europe and emerging markets, as they can benefit from a declining U.S. dollar and a potential global rotation outside of the U.S. seen so far this year. 

“I don’t sense that it can last forever,” Newton said. “But in the near term, it’s still something that is working.”

Subscribe to FS Insight research by Fundstrat to learn Newton’s take on tech earnings estimates this year.

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